Bitmain Cofounder-Backed Crypto Startup Aims to Raise $140M in New Funding Round

Bitmain cofounder-backed crypto trading platform Matrixport has announced a new funding round aiming to raise as much as $140 million at a post-investment valuation of $300 million.

Singapore-based Matrixport revealed its fundraising plans to investors in recent weeks, according to people familiar with the issue, BNN Bloomberg reported on March 4. In 2019, Matrixport’s revenue reportedly accounted for $7 million to $8 million, with the company expecting to double its earnings this year.

In the previous funding round, Matrixport was reportedly valued at $114 million.

Backed by Wu Jihan

Matrixport was launched by Wu Jihan, the former CEO of one of the largest Bitcoin (BTC) mining pools Bitmain, last July. Initially, the platform offered over-the-counter trading, lending and custody. At the time, Jihan said that Matrixport would use its Bitmain’s connections and expertise to meet the needs of Chinese cryptocurrency miners.

Subsequently, Matrixport revealed plans to enter the European market by opening new office in Zurich, Switzerland. Hui Wang, the CEO of Matrixport in Switzerland, said then that Matrixport’s new office in Zurich would not act to simply refer clients to Asia, but would also provide full service to European clients.

Recent investments in the crypto world

The crypto space has seen a number of investments in recent months. In February,  London-based digital asset startup Copper attracted $8 million in a Series A funding round, with the participation of investment firms such as MMC Ventures and LocalGlobe.

Fidelity International purchased 17 million shares for a 5.6% ownership position in BC Group, the operator of OSL, one of Asia’s largest digital asset platforms for institutions. As such, Fidelity acquired a stake in the company for over $14 million.

In late January, cross-border payments platform Currencycloud raised $80 million in funding from SBI Group, Visa, International Finance Corporation, BNP Paribas and Siam Commercial Bank.